Coinbase Announces Cardano Holders Can Be Staking On Its Platform, Wow...

Coinbase presents ADA staking service. (Coinbase)

JAKARTA – One of the largest crypto exchanges in the United States (US) Coinbase conveys good news for Cardano (ADA) holders. The digital asset trading platform states that the ADA staking service will be available on Coinbase.

Coinbase announced the news on March 23 yesterday. Senior Product Manager Rupmalini Sahu mentioned that ADA is one of the top ten crypto assets by market cap. ADA is also one of the cryptocurrencies that uses a Proof-of-Stake (PoS) blockchain. The PoS algorithm allows staking, in contrast to PoW which allows mining.

As additional information, staking is one way to earn passive income from storing cryptocurrencies. Later the stored coins will be used to validate transactions that occur on the blockchain. This process does not require high computing devices such as mining or mining processes.

Sahu stated that ADA owners can stake on Coinbase “easily and safely.”

“At Coinbase, we are focused on offering more ways for customers to earn crypto rewards. Today, we are expanding our staking offering to include Cardano (ADA) with plans to continue to scale our staking portfolio in 2022,” wrote Sahu, Coinbase Senior Product Manager in the platform's official blog announcement.

The annual yield percentage (APY) from staking ADA on Coinbase is 3.75 percent after a 20-25 day trial period. After that, users will be able to get rewards through the Coinbase exchange. The company also guarantees ownership of the staked user's ADA. Not only that, users can also withdraw ADA coins from staking activities at any time.

“You don't have to be an expert crypto trader to grow your crypto portfolio. Offering a simple way for our customers to earn crypto through staking is an important step in building an open financial system,” Sahu wrote.